20120531 Follow Me 385 China to Start Direct Yuan-Yen Trading

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

China to Start Direct Yuan-Yen Trading
Xinhua News Agency May 29, 2012

China on Tuesday announced that direct trading of its currency against the Japanese yen will begin later this week, bringing the yuan one step closer to becoming a truly global currency.

Authorized by the country's central bank, the trading marks the first time for China to allow a major currency other than the U.S. dollar to be traded directly against the Chinese currency RMB, or the yuan.

As part of the efforts between China and Japan to strengthen cooperation in developing the financial market, the move serves as an important means of promoting direct yuan-yen trading, the People's Bank of China said in a statement on its website.

Yuan-yen trading will start on China's interbank foreign exchange market on Friday, according to the China Foreign Exchange Trade System, the market operator.

The central parity rate of the yuan against the yen will be based on the average price of offers made by registered dealers before the opening of the market each business day.

With the greenback as an intermediate currency, the yuan is currently allowed to be traded against eight other currencies on the market, including the euro, British pound, Hong Kong dollar, Japanese yen, Malaysian ringgit, Russian ruble, Australian dollar and Canadian dollar.

As China overtook Japan as the world's second-largest economy in 2010, the move is expected to boost trade between the two leading economies in the wake of the eurozone's economic downturns, and more importantly, promote greater internationalization of the yuan, analysts said.

"A directly formed yuan-yen exchange rate will help enterprises mitigate（减轻） risks brought by a fluctuating U.S. dollar and reduce exchange losses for Chinese and Japanese companies," said Ding Zhijie, dean of the School of Banking and Finance with the University of International Business and Economics.

Liu Dongliang, an analyst with the China Merchants Bank, said although the new system doesn't allow free convertibility, it makes way for simplified transactions and lower transaction costs.

Japan ranks the fourth among China's trading partners after the European Union, the United States and the Association of Southeast Asian Nations, while China has been Japan's largest trading partner for the past three consecutive years. Bilateral trade rose 14.3 percent year-on-year to reach 344.9 billion U.S. dollars in 2011.

"It is also a crucial step in the drive to make the yuan 'go-global,' which indicates China is trying to cut the yuan's reliance on the greenback while making it a presence in the international currency market," said Zhang Bin, a researcher at the Institute of Finance and Trade Economics under the Chinese Academy of Social Sciences.

The announced introduction of direct yuan-yen trading shows the important role of the offshore RMB market in Tokyo, moving the yuan closer to a global currency, Liu Dongliang said, expecting the system to be expanded to more currencies, including the euro and British pound.

China has been taking steps to open its financial market and internationalize the yuan at the same time.

To promote the use of the yuan, the government this year has raised the investment quotas for its Qualified Foreign Institutional Investors scheme and RMB Qualified Foreign Institutional Investors pilot program, both targeted to widen investment channels for overseas capital on the Chinese mainland as capital accounts are still controlled in the country.

Since the onset of the 2008 global financial crisis, China has signed currency swap agreements worth more than 1.5 trillion yuan ($238 billion) with a dozen of countries, including the Republic of Korea and Malaysia.

了解Follow Us版
https://bbs.pinggu.org/thread-1130480-1-1.html
英文网址，欢迎补充！
https://bbs.pinggu.org/thread-1410923-1-1.html
Follow Us 发帖指南、常见问题及意见征集
https://bbs.pinggu.org/thread-1131076-1-1.html
关于Follow Us 版面建立官方群
https://bbs.pinggu.org/thread-1212960-1-1.html

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Trading Direct follow rading China China

您好,请注意英语段落中要采用缩行式或者空行式.
缩行式是指每段首字母缩进4个字符,段落之间不空行;
空行式是指每段首字母顶格写,段落之间要空一行.
如果既不缩行也不空行,整个文章浑然一体,就不太好了,希望您能进行一下调整,谢谢!

some detail：

According to the Ministry of Finance, direct trading will begin in Tokyo interbank foreign exchange market on June 1.
Participating banks will trade the yen and the yuan at an exchange rate calculated on the basis of actual supply and demand, as well as other conditions.
There will be no limit to the fluctuation range in  Tokyo market.
In Japan, the Bank of Tokyo Mitsubishi, Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank and Mizuho Bank will join the direct exchange system.
In Shanghai, the China Foreign Exchange Trade System, which handles foreign exchange trading in China, will announce every morning a mid-point rate, which is the average of yen-yuan exchange rates used by several designated（指定的） banks.
Unlike the Tokyo market, daily fluctuations will be limited to three percent above or below the mid-point rate.
Regarding direct trading between the yen and the yuan, Japan and China agreed to establish foreign exchange markets at a summit meeting held in Beijing in December last year.
Relevant government officials from both countries have been discussing the issue at a working panel since February.
Currently, interbank trading between the US dollar and the yuan accounts for 99.3 percent of the Shanghai foreign exchange market, while the yen-yuan trading accounts for only 0.09 percent.

“There will be no limit to the fluctuation range in  Tokyo market.”
“Unlike the Tokyo market, daily fluctuations will be limited to three percent above or below the mid-point rate.“
I don't quite understand the above two sentences. Suppose the daily fluctuation is 5%, then in Chinese market, yuan cannot be exchanged into yen and vice versa, while in Japanese market, one can still exchange the two currencies? If so, will enterprises try to open accounts in Japanese banks to facilitate their transactions?

大家如果看得吃力可以参考一下这篇帖子https://bbs.pinggu.org/thread-1484003-1-1.html

RMB has a dream of becoming  an international currency. The People's Bank Of China must come up with a lot of steps and ideas to realize the dream. But remember that Uncle Sam is stairing at the western side of the Pacific Ocean and would try every means to stop RMB internationalization.

The national currency of the capacity is limited in China...

It is a good start for RMB to achieve globalization and less relying  on USD.  This measure indicated  Chinese government is  smart  and the boost of the business between China and Japan is expected.

This seems to be a small step for internationalization of Yuan. I hope it can go further while risks are largely prevented. I agree in part with the slow steps of currency reform.

There is no doubt that the direct Yuan-Yen trading will contribute to boosting trade between China and Japan. In addition, maybe it's also a new step to challenge the "U.S. dollor hogemony".